An array substrate, a display panel and a method of manufacturing a thin film transistor (TFT) are provided. The array substrate includes a base substrate and a thin film transistor (TFT) formed on the base substrate, and the TFT includes a gate electrode, a gate insulating layer, an active layer, source/drain electrodes and an interlayer insulating layer. The source/drain electrodes include a first electrode and a second electrode, and the interlayer insulating layer is located between the first electrode and the second electrode. The gate electrode, the gate insulating layer and the active layer are arranged sequentially in a direction perpendicular to a thickness direction of the array substrate, and the first electrode, the interlayer insulating layer and the second electrode are arranged sequentially in the thickness direction of the array substrate.